National Desk, 1st February: Finance Minister Nirmala Sitharaman presented the interim budget for the financial year 2024-25 on February 1, with no changes announced in the income tax slabs, contrary to expectations. The existing tax slabs for both the old and new tax regimes remain unchanged, maintaining the status quo for individual taxpayers.
Old Tax Regime:
- Income up to ₹2.5 lakh – Nil tax
- Income between ₹2.5 to ₹5 lakh – 5% tax
- Income from ₹5 lakh to ₹10 lakh – 20% tax
- Income above ₹10 lakh – 30% tax
New Tax Regime:
- Income up to ₹3 lakh – Nil tax
- Income between ₹3 to ₹6 lakh – 5% tax (with a tax rebate under Section 87A available)
- Income between ₹6 to ₹9 lakh – 10% tax (with a tax rebate under Section 87A up to ₹7 lakh available)
- Income between ₹9 to ₹12 lakh – 15% tax
- Income between ₹12 to ₹15 lakh – 20% tax
- Income of ₹15 lakh and above – 30% tax
While the interim budget did not bring about any changes in tax slabs, the full budget is anticipated to be presented in July 2024 after the formation of the new government post-Lok Sabha Elections. The new tax regime, introduced in the Union Budget of 2020, remains the default regime since the budget of 2023. However, opting for the new regime restricts taxpayers from claiming various exemptions and deductions.